• Dogecoin price may trigger a bear trap if it closes above the daily Tenkan-Sen
  • Avoidance of any hidden or regular bearish divergence is critical in supporting a sustained bullish drive higher.
  • The most recent swing lows must hold to prevent the resumption of a broader corrective move.

 Dogecoin price jumps as much as 6.5% during the day, moving above the daily Tenkan-Sen. It had been over a week since the current close touched the Tenkan-Sen, so returning to that level was not unexpected.

Dogecoin price must close the daily candlestick at or above $0.2121

Dogecoin price could very quickly push towards $0.25 if there is a clear close above the Tenkan-Sen. There is little stopping Dogecoin from pushing higher between the Tenkan-Sen and 38.2% Fiboancci retracement at $0.2324. The oscillators support further upside potential if buyers can rally Dogecoin above $0.2121.

The Relative Strength Index has shifted into bear market territory and shows support found against the first oversold condition at 30. The Composite Index has a bullish crossover of its fast and slow-moving averages. However, If Dogecoin price fails to close above the Tenkan-Sen, then hidden bearish divergence will develop – a warning that downside pressure is likely.

DOGE/USDT Daily Ichimoku Chart

Traders should also pay attention to the location of the Chikou Span, which is currently below the Cloud.

While the upside momentum remains strong during the intraday session, traders should be reminded that weekends are notoriously volatile. The most recent swing lows at $0.194 are not far away and could easily be broken. A breakdown below $0.1940 would likely create a violent move towards the $0.1211 value area.


Like this article? Help us with some feedback by answering this survey:

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Omicron crypto surges over 200% after being named as new COVID-19 variant

While cryptocurrency prices retraced after the new coronavirus variant Omicron emerged earlier this week, the digital asset with the same name gained popularity and surged over 200%. The small-cap crypto describes itself as a decentralized reserve currency on the Abribtrum Network.

More Cryptocurrencies News

SafeMoon price dips into buy zone, hints at the start of an 80% bull run

SafeMoon price saw its uptrend face a massive blockade, triggering the start of a huge pullback. Due to the retest of a bullish zone, market participants can expect SAFEMOON to restart its bull rally. SafeMoon price rose 484% from its low at $0.00000104 to $0.00000609 in a month.

More SafeMoon news

Basic Attention Token bucks downtrend with explosive rally to new all-time high

Basic Attention Token has snubbed the crypto downtrend and hit a new all-time high above $1.90. Brave browser has crossed 42 million active users, and BAT token utility is on the rise. Analysts predict a rally in the token.

More Cryptocurrencies news

Vitalik Buterin announces Ethereum scaling roadmap using the Graph protocol

Ethereum co-founder Vitalik Buterin revealed a strategic roadmap to expand the available data space for rollups using Graph protocol. The token’s trade volume has increased, and analysts expect an upwards move in GRT price. 

More Ethereum news

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP